Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (53 quarters reported)
$5.06B in Q2 2013 → $20B now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Incyte Corporation | 17.5% | Added 0.1% | 30,762,330 | $3.49B |
| BM Beone Medicines Ltd. | 12.6% | Added 0.0% | 8,801,567 | $2.51B |
| Revolution Medicines, Inc. | 10.7% | Added 20% | 11,443,357 | $2.14B |
| Madrigal Pharmaceuticals, Inc. | 5.8% | Added 0.1% | 2,143,131 | $1.15B |
| Acadia Pharmaceuticals Inc. | 5.4% | Added 0.0% | 42,912,904 | $1.09B |
| Kymera Therapeutics, Inc. | 5.0% | Unchanged | 8,657,242 | $993M |
| Insmed Incorporated | 4.7% | Added 19% | 8,796,111 | $938M |
| Celcuity Inc. | 4.2% | Unchanged | 7,915,792 | $828M |
| Kodiak Sciences Inc. | 3.9% | Unchanged | 19,919,186 | $776M |
| Rhythm Pharmaceuticals, Inc. | 3.1% | Unchanged | 5,604,483 | $622M |
| Praxis Precision Medicines, Inc. | 2.9% | Unchanged | 1,753,198 | $587M |
| Alkermes PLC | 2.6% | Unchanged | 10,012,267 | $525M |
| Summit Therapeutics Inc. | 2.4% | Trimmed 9.9% | 32,786,348 | $478M |
| Grail, Inc. | 1.4% | Unchanged | 4,028,614 | $275M |
| Abcellera Biologics Inc. | 1.3% | Added 9.0% | 33,012,138 | $259M |
| Immunovant, Inc. | 1.0% | Trimmed 0.4% | 5,435,220 | $209M |
| Ideaya Biosciences, Inc. | 0.9% | Added 27% | 5,010,030 | $187M |
| Kiniksa Pharmaceuticals International, PLC | 0.9% | Added 0.3% | 2,834,643 | $181M |
| Roivant Sciences Ltd. | 0.8% | Trimmed 3.1% | 4,716,831 | $167M |
| Arrowhead Pharmaceuticals, Inc. | 0.8% | Unchanged | 1,992,783 | $162M |
| Ionis Pharmaceuticals, Inc. | 0.8% | Unchanged | 2,047,727 | $162M |
| Edgewise Therapeutics, Inc. | 0.8% | Trimmed 44% | 3,701,719 | $150M |
| Replimune Group, Inc. | 0.6% | Unchanged | 11,045,336 | $122M |
| Nurix Therapeutics, Inc. | 0.6% | Unchanged | 4,658,556 | $113M |
| Stoke Therapeutics, Inc. | 0.5% | Unchanged | 3,336,697 | $109M |
| Monte Rosa Therapeutics, Inc. | 0.5% | Unchanged | 4,345,736 | $105M |
| Immatics N.v. | 0.5% | Trimmed 13% | 9,508,565 | $96.3M |
| Denali Therapeutics Inc. | 0.5% | Added 0.1% | 3,734,336 | $96M |
| Crinetics Pharmaceuticals, Inc. | 0.4% | Unchanged | 2,351,465 | $88M |
| Dianthus Therapeutics, Inc. | 0.4% | Unchanged | 852,164 | $83.1M |
| Structure Therapeutics Inc. | 0.4% | Unchanged | 1,432,529 | $76.9M |
| Celcuity Inc. | 0.3% | Unchanged | 30,750,000 | $69.2M |
| Rapport Therapeutics, Inc. | 0.3% | Unchanged | 1,547,090 | $64.5M |
| Alumis Inc. | 0.3% | Unchanged | 2,012,500 | $56.6M |
| Prelude Therapeutics Inc. | 0.3% | Unchanged | 10,123,824 | $54M |
| Relay Therapeutics, Inc. | 0.3% | Added 144% | 2,826,783 | $52.9M |
| Mirum Pharmaceuticals, Inc. | 0.3% | Unchanged | 445,975 | $52.2M |
| Bicycle Therapeutics PLC | 0.2% | Unchanged | 10,885,357 | $46.2M |
| Enliven Therapeutics, Inc. | 0.2% | Unchanged | 905,191 | $45.9M |
| Celldex Therapeutics, Inc. | 0.2% | Added 78% | 1,182,611 | $44M |
| Viridian Therapeutics, Inc. | 0.2% | Added 21% | 2,383,025 | $43.8M |
| Design Therapeutics, Inc. | 0.2% | Added 3.6% | 2,678,430 | $38.8M |
| Entrada Therapeutics, Inc. | 0.2% | Unchanged | 5,072,730 | $37.3M |
| Faeth Therapeutics, Inc. | 0.2% | New | 1,286,411 | $32.2M |
| Aktis Oncology, Inc. | 0.2% | Unchanged | 996,351 | $32.1M |
| Neurogene Inc. | 0.2% | Unchanged | 991,691 | $31.2M |
| Jade Biosciences, Inc. | 0.1% | Trimmed 25% | 1,230,426 | $27.3M |
| Taysha Gene Therapies, Inc. | 0.1% | Unchanged | 4,004,756 | $27.3M |
| Arcus Biosciences, Inc. | 0.1% | Added 103% | 844,816 | $26M |
| Disc Medicine, Inc. | 0.1% | Unchanged | 349,657 | $25.6M |
| Absci Corporation | 0.1% | Unchanged | 2,134,803 | $24.7M |
| Generate Biomedicines, Inc. | 0.1% | Unchanged | 1,423,602 | $24M |
| DT Dbv Technologies S.a. | 0.1% | Unchanged | 1,461,425 | $24M |
| Xenon Pharmaceuticals Inc. | 0.1% | Unchanged | 370,208 | $22.3M |
| Tectonic Therapeutic, Inc. | 0.1% | Unchanged | 607,788 | $20.9M |
| Cerus Corporation | 0.1% | Trimmed 36% | 6,395,431 | $18.7M |
| Cytomx Therapeutics, Inc. | 0.1% | Unchanged | 4,975,826 | $18.7M |
| Dyne Therapeutics, Inc. | 0.1% | Unchanged | 813,449 | $18.1M |
| Cytokinetics, Incorporated | 0.1% | New | 211,267 | $18M |
| Xencor, Inc. | 0.1% | Unchanged | 1,102,106 | $17.7M |
Showing top 60 of 84 positions.
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Revolution Medicines, Inc. | Added | +1,888,000 | +$354M | 10.7% |
| Insmed Incorporated | Added | +1,375,000 | +$147M | 4.7% |
| Edgewise Therapeutics, Inc. | Trimmed | −2,874,221 | −$117M | 0.8% |
| AS Abivax S.a. | Exited | −875,796 | −$97.5M | — |
| Summit Therapeutics Inc. | Trimmed | −3,604,715 | −$52.5M | 2.4% |
| Spyre Therapeutics, Inc. | Exited | −1,000,000 | −$50.4M | — |
| Ideaya Biosciences, Inc. | Added | +1,063,515 | +$39.6M | 0.9% |
| Faeth Therapeutics, Inc. | New | +1,286,411 | +$32.2M | 0.2% |
| Relay Therapeutics, Inc. | Added | +1,666,666 | +$31.2M | 0.3% |
| Centessa Pharmaceuticals PLC | Exited | −670,751 | −$26.6M | — |
Showing the 10 largest of 39 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Praxis Precision Medicines, Inc. | Added | +626,710 | +$202M | 3.2% |
| Insmed Incorporated | Added | +828,365 | +$135M | 7.0% |
| Grail, Inc. | Added | +1,943,281 | +$100M | 1.2% |
| Ultragenyx Pharmaceutical Inc. | Exited | −2,772,692 | −$63.8M | — |
| Immunocore Holdings PLC | Trimmed | −1,588,259 | −$47.9M | 0.1% |
| Mirum Pharmaceuticals, Inc. | New | +445,975 | +$41.2M | 0.2% |
| Terns Pharmaceuticals, Inc. | Exited | −950,000 | −$38.4M | — |
| Crinetics Pharmaceuticals, Inc. | Added | +702,596 | +$25.5M | 0.5% |
| Enliven Therapeutics, Inc. | Added | +633,785 | +$24.8M | 0.2% |
| Biontech Se | Trimmed | −249,180 | −$22.1M | 0.1% |
Showing the 10 largest of 40 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Kymera Therapeutics, Inc. | Added | +2,005,813 | +$156M | 3.9% |
| Praxis Precision Medicines, Inc. | Added | +437,000 | +$129M | 1.9% |
| Ionis Pharmaceuticals, Inc. | Added | +1,225,043 | +$96.9M | 0.8% |
| Kodiak Sciences Inc. | Added | +2,608,696 | +$72.9M | 3.3% |
| Crinetics Pharmaceuticals, Inc. | Added | +1,368,869 | +$63.7M | 0.4% |
| Merus N.v. | Exited | −574,377 | −$54.1M | — |
| Alkermes PLC | Added | +1,920,916 | +$53.7M | 1.6% |
| Intellia Therapeutics, Inc. | Exited | −2,746,674 | −$47.4M | — |
| Summit Therapeutics Inc. | Added | +2,668,089 | +$46.7M | 3.7% |
| Stoke Therapeutics, Inc. | Trimmed | −1,297,141 | −$41.2M | 0.6% |
Showing the 10 largest of 53 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Insmed Incorporated | Trimmed | −1,009,416 | −$145M | 7.0% |
| Celcuity Inc. | Added | +2,465,347 | +$122M | 2.8% |
| Madrigal Pharmaceuticals, Inc. | Added | +165,683 | +$76M | 7.1% |
| AS Abivax S.a. | New | +875,796 | +$74.4M | 0.5% |
| Alkermes PLC | Added | +1,680,748 | +$50.4M | 1.8% |
| Celcuity Inc. | New | +30,750,000 | +$40.9M | 0.3% |
| Ionis Pharmaceuticals, Inc. | New | +566,798 | +$37.1M | 0.3% |
| Ideaya Biosciences, Inc. | Added | +1,156,716 | +$31.5M | 0.6% |
| Rapport Therapeutics, Inc. | Added | +997,000 | +$29.6M | 0.3% |
| Avidity Biosciences, Inc. | New | +625,000 | +$27.2M | 0.2% |
Showing the 10 largest of 41 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Insmed Incorporated | Added | +2,332,274 | +$235M | 7.5% |
| Summit Therapeutics Inc. | Added | +9,298,109 | +$198M | 7.0% |
| Insmed Incorporated | Exited | −42,850,000 | −$102M | — |
| Alkermes PLC | Added | +1,927,318 | +$55.1M | 1.8% |
| Revolution Medicines, Inc. | Added | +1,428,000 | +$52.5M | 3.3% |
| Structure Therapeutics Inc. | Added | +2,147,202 | +$44.5M | 0.5% |
| Ultragenyx Pharmaceutical Inc. | Added | +1,196,578 | +$43.5M | 1.0% |
| Biontech Se | Added | +323,892 | +$34.5M | 0.4% |
| Kymera Therapeutics, Inc. | Added | +655,500 | +$28.6M | 2.8% |
| Viridian Therapeutics, Inc. | New | +1,744,406 | +$24.4M | 0.2% |
Showing the 10 largest of 55 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| B Beigene, Ltd. | Trimmed | −732,827 | −$199M | 26.5% |
| Immunovant, Inc. | Added | +3,750,000 | +$64.1M | 1.0% |
| Ionis Pharmaceuticals, Inc. | Exited | −30,000,000 | −$29.5M | — |
| Insmed Incorporated | Added | +373,763 | +$28.5M | 4.5% |
| Krystal Biotech, Inc. | Exited | −169,934 | −$26.6M | — |
| Rhythm Pharmaceuticals, Inc. | Trimmed | −479,766 | −$25.4M | 3.3% |
| Immunocore Holdings PLC | Added | +807,338 | +$24M | 0.8% |
| Vaxcyte, Inc. | Added | +592,000 | +$22.4M | 0.3% |
| Crispr Therapeutics Ag | Trimmed | −653,912 | −$22.3M | 0.2% |
| Akero Therapeutics, Inc. | Trimmed | −548,369 | −$22.2M | 0.2% |
Showing the 10 largest of 41 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| B Beigene, Ltd. | Trimmed | −1,037,017 | −$192M | 18.8% |
| Insmed Incorporated | Added | +590,945 | +$40.8M | 3.7% |
| Ionis Pharmaceuticals, Inc. | New | +30,000,000 | +$29.5M | 0.3% |
| Grail, Inc. | New | +1,630,125 | +$29.1M | 0.3% |
| Candel Therapeutics, Inc. | New | +2,981,983 | +$25.9M | 0.3% |
| Bicycle Therapeutics PLC | Added | +1,485,397 | +$20.8M | 1.6% |
| Crispr Therapeutics Ag | Added | +464,936 | +$18.3M | 0.5% |
| Rhythm Pharmaceuticals, Inc. | Trimmed | −314,117 | −$17.6M | 3.6% |
| Revolution Medicines, Inc. | Added | +367,882 | +$16.1M | 3.7% |
| Immunovant, Inc. | Added | +482,471 | +$12M | 0.5% |
Showing the 10 largest of 42 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Insmed Incorporated | Added | +839,880 | +$61.3M | 3.3% |
| Insmed Incorporated | Exited | −32,887,000 | −$56.2M | — |
| Crispr Therapeutics Ag | Added | +743,075 | +$34.9M | 0.4% |
| Hookipa Pharma Inc. | Trimmed | −7,315,337 | −$31.5M | — |
| Cerevel Therapeutics Holdings, Inc. | Exited | −683,588 | −$28M | — |
| Summit Therapeutics Inc. | Added | +1,202,643 | +$26.3M | 5.5% |
| Immunovant, Inc. | Added | +760,692 | +$21.7M | 0.4% |
| Bicara Therapeutics Inc. | New | +833,333 | +$21.2M | 0.2% |
| Praxis Precision Medicines, Inc. | Added | +191,572 | +$11M | 0.2% |
| Replimune Group, Inc. | Added | +1,000,000 | +$11M | 1.3% |
Showing the 10 largest of 32 changes.
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